Veradigm, a Chicago-based practice management and electronic health record technology company, today disclosed that revenue-reporting errors caused by a software tool have caused the company to report inflated numbers over the last six quarters.
Veradigm, formerly known as Allscripts, said the errors resulted in an estimated revenue reduction of about $20 million from what it reported in the third quarter of 2021 through what it expected to report for the fourth quarter of 2022, the company said in a statement this afternoon. Veradigm said it is continuing to evaluate the full impact and said it is possible prior periods may also require adjustment. At this point, no conclusion has been reached, the company said.
As a result, the company is lowering its 2023 guidance to $625 million and $645 million from $640 million and $660 million. Additionally, the error will delay Veradigm in publishing its Form 10-K, an annual filing all public companies are required to submit to the U.S. Securities & Exchange Commission. The company had scheduled its next earnings call for March 1.
